Your Ask Joey ™ Answer

What is business intelligence?

In general, business intelligence is the strategy and technology used by a company to analyze their data. There are a number of difference functions that fall under the business intelligence umbrella. These include analytics, data mining, processing mining, use of dashboards, etc.

The biggest problem most companies face is that they have a ton, and I mean a ton, of unstructured data. Successful companies have learned how to take this unstructured data and manipulate it so that it becomes structured data. The structured data is then used by decision makers to make operational and financial decisions.

What are the key steps to take unstructured data and turn it into useable information?

There are really 5 key steps needed to take unstructured data and turn it into reports that can be used by executives and managers to make decisions. The five key steps are as follows:

1) Unstructured data is extracted from various systems and loaded into a data warehouse.

2) From there, engineers organize the data into data sets.

3) From there, BI analysts and other analytic professional run queries on the data to extract the specific data they want.

4) The data is then loaded into various analytic tools so that the data can be analyzed. This is typically where dashboards and reports are created.

5) The dashboards and reports are analyzed by executives and managers.


Back To All Questions

You might also be interested in...

  • Discontinued Operations on the FAR CPA Exam

    Overview of Discontinued Operations In financial reporting, discontinued operations refer to a component of a company’s core business or product line that have been divested or shut down. Discontinued operations will be reported (net of tax) separately from continuing operations on the income statement. The reason that discontinued operations are reported separately is so that...

  • Equity Method Excel Workbook

    If you would like to use the Excel workbook that was used to create the Universal CPA lecture on the equity method, please click the link below to download the Excel workbook: Equity Method Lecture Example https://youtu.be/QE4flnmuSkw

  • How Hard is the CPA Exam?

    So you’re thinking about taking the CPA exam? Whether you have a dream of becoming a tax advisor, feel as though you need public accounting experience, or just want to solidify your business acumen, the CPA license is one of the most prestigious and well respected licenses in the business world. The exam itself is...